German company buys Waitsfield's CEC

Controlled Energy Corporation Acquired by BBT Thermotechnik,
Subsidiary of The Bosch Group
Vermont Company Operations to Remain In State
Waitsfield, Vt.-Mary Moffroid, President of Controlled Energy Corporation
(CEC,) has announced that the company is being acquired by the Bosch
Group, Germany. The Bosch Group is an international industrial company
with 230,000 employees and worldwide annual sales of $41 billion in 2003.
CEC will be integrated into the international organization of Bosch´s
subsidiary BBT Thermotechnik GmbH, a leading European manufacturer of
heating products.
In 2004 Controlled Energy Corporation generated sales of $34 million with
70 employees in Vermont and at 15 locations throughout the U.S. and
Canada. Controlled Energy Corporation is one of the U.S. market leaders
for tankless, point-of-use, and high-efficiency water heating equipment.
Company founders Pierre and Mary Moffroid retired effective January 1,
2005. Thereafter, Controlled Energy Corporation is being managed by a team
of senior executives with long service to the company. They are John
Norton, Chief Operating Officer; Kyle Murray, V.P. Marketing and Customer
Service; and Eric Moffroid, Senior V.P. Sales. The company, which was
founded in Vermont in 1979, will continue to operate in Waitsfield, VT.
Retiring company President Mary Moffroid stated that "This acquisition is
an excellent fit as the Bosch Group embraces the values and social
responsibility that Controlled Energy Corporation has been living for the
past 25 years." Moffroid added that "Controlled Energy Corporation,
empowered now with the resources of the Bosch Group, is poised to lead
North America in the sale of high efficiency water heating products."
With this acquisition CEC will become part of BBT Thermotechnik in North
America and will work closely with Buderus Hydronic Systems located in
Londonderry, New Hampshire. Mr. Klaus Huttelmaier, Member of the
Management Board of BBT Thermotechnik noted, "We clearly expand our market
presence in the United States and plan to pool our competencies and
resources with a view to expanding our position in the U.S.
thermotechnology sector. CEC is our ideal partner to jointly exploit the
opportunities in this growth market."
In October 2004, Controlled Energy Corporation celebrated its 25th
anniversary. The Bosch Group will celebrate its 100th Anniversary of doing
business in the U.S. in 2006.
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